According to foreign reports, according to the Schedule 13G file submitted by the US electric vehicle manufacturer Tesla to the US Securities and Exchange Commission (SEC), Tencent spent $1.78 billion in March to buy a 5% stake in Tesla on the open market. Tencent invested Tesla, optimistic about the market prospects of driverless cars and related services.
Tencent’s investment in Tesla has allowed Tesla, who is preparing to produce a cheap version of the electric vehicle Model 3, to acquire a wealthy ally. Driven by this news, Tesla shares rose 2.7% on Tuesday, closing at 277.45 US dollars, the market value surpassed Ford Motor became the second largest automaker in the United States, second only to General Motors.
Market analysts believe that Tencent can also help Tesla sell or even manufacture electric vehicles in the Chinese market. "This is definitely a strong push for Tesla," said Jeff Schuster, senior vice president of automotive industry market research firm LMC AutomoTIve. He believes that Tencent can not only help Tesla to develop in the Chinese market, but also inject cash into it.
Tesla CEO Elon Musk said in a tweet on Tuesday that "it is a pleasure to see Tencent as an investor and consultant for Tesla." Musk did not disclose what he called "consultant". Meaning, but in another tweet, he stressed that “Tesla has very few Model 3 orders from the Chinese market†because the company has not officially launched Model 3 to the Chinese market. According to Tesla's plan, Model 3 will be launched in the US market by the end of this year.
Through its investment in Tesla, Tencent has further expanded its presence in emerging technologies including unmanned electric vehicles. These new technologies and their potential will create new business models and revenue streams in the global transportation sector, including Chinese technology giants such as Tencent, Baidu and Alibaba Group, which have invested billions of dollars in this area.
Investment bank Morgan Stanley Automotive Industry Analyst Adam Jonas said in a research report released on Tuesday that he would not be "surprised" by Tencent and Tesla in developing and deploying such technologies. As of now, the White House has not commented on Tencent’s purchase of Tesla shares. US President Trump has been criticizing US automakers and China's trade policy.
Tencent's current market value is about 275 billion US dollars, about six times the market value of Tesla about 45 billion US dollars. Tencent is one of the early investors of China's electric car manufacturer Nio, and has invested in at least two other Chinese electric car startups. In addition, Tencent's second-largest network car service provider in the world, and Uber's main competitor in the United States, Lyft, invested. Baidu invested in Weilai Auto, Uber and California's driverless auto parts manufacturer Velodyne. Alibaba Group's investments include Didi Travel and Lyft.
According to documents submitted by Tesla, on March 17, Tencent acquired 816.75 million shares of Tesla in the open market through its subsidiary Huang River Investment Limited for US$1.778 billion, accounting for 5% of the shares. Tencent has now become the fifth largest shareholder of Tesla. The top four shareholders are: Musk, holding about 21%; Fidelity Investment, holding 14%; Baillie Gifford, holding 8.2%; T. Rowe Price, Holding 7.3%.
To support Model 3's mass production, Tesla raised about $1.2 billion in funding through the issuance and issuance of convertible bonds earlier this month. Tesla’s filings with regulators on March 1st showed that the company’s revenue in China last year was $1.065 billion, compared to $318.5 million in 2015 and $477 million in 2014.
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